Yes, repeated drops or a large drop are distinctly bad. IMO, the Fed did the absolute minimum to equilibrate us with the ex-US situation. The last few recessions were preceded by multiple rate drops. If we drop again it's a horrible sign. Right now we do have a lot of extraneous factors that make USTs easily the best option for safe money (not to mention significant USD strengthening).
I'm looking at this with open eyes. If we see rollover in employment, real sales, etc. I'll change my opinion pretty quick. It isn't there yet and a 1% drop on the DOW isn't going to get me running around like a rooster with it's head cut off.